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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2024						2023						2024						2023
Revenues
Nevada Casino Resorts
Gaming						$	38,619					$	40,289					$	117,221					$	121,207
Food and beverage						23,242						24,782						71,456						73,486
Rooms						26,968						28,394						82,795						80,957
Other						10,718						12,059						30,180						32,612
Nevada Casino Resorts revenues						$	99,547					$	105,524					$	301,652					$	308,262
Nevada Locals Casinos
Gaming						$	25,241					$	27,254					$	79,272					$	85,699
Food and beverage						6,376						6,482						19,951						19,737
Rooms						1,970						2,395						6,965						7,633
Other						1,818						1,770						6,074						5,899
Nevada Locals Casinos revenues						$	35,405					$	37,901					$	112,262					$	118,968
Nevada Taverns
Gaming						$	11,824					$	12,985					$	38,406					$	39,197
Food and beverage						12,231						12,387						37,199						38,654
Other						1,987						1,168						6,396						3,601
Nevada Taverns revenues						$	26,042					$	26,540					$	82,001					$	81,452
Distributed Gaming
Gaming						$	—					$	80,425					$	5,981					$	256,357
Food and beverage						—						189						17						554
Other						—						1,258						21						4,446
Distributed Gaming revenues						$	—					$	81,872					$	6,019					$	261,357
Maryland Casino Resort
Gaming						$	—					$	4,224					$	—					$	33,159
Food and beverage						—						667						—						4,881
Rooms						—						628						—						4,322
Other						—						204						—						1,094
Maryland Casino Resort revenues						$	—					$	5,723					$	—					$	43,456
Corporate and Other						239						166						680						8,963
Total revenues						$	161,233					$	257,726					$	502,614					$	822,458

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2024						2023						2024						2023
Adjusted EBITDA
Nevada Casino Resorts						$	24,614					$	30,837					$	78,897					$	90,592
Nevada Locals Casinos						14,274						16,878						48,738						56,509
Nevada Taverns						5,317						7,519						20,669						24,507
Distributed Gaming						—						8,441						484						28,175
Maryland Casino Resort						—						1,626						—						12,652
Corporate and Other						(10,191)						(12,116)						(32,590)						(38,673)
Total Adjusted EBITDA						34,014						53,185						116,198						173,762
Adjustments
Depreciation and amortization						(22,626)						(22,213)						(67,362)						(67,175)
Non-cash lease benefit (expense)						65						10						298						(14)
Share-based compensation						(2,969)						(3,444)						(8,688)						(10,625)
Gain on disposal of assets						256						5						242						125
Gain on sale of business						—						305,829						68,944						305,829
Loss on debt extinguishment and modification						—						—						(4,446)						(405)
Preopening and related expenses (1)						(234)						(50)						(377)						(575)
Other, net						(1,778)						(9,613)						(8,850)						(9,230)
Interest expense, net						(7,959)						(15,306)						(27,255)						(52,345)
Income tax benefit (provision)						6,398						(67,187)						(20,951)						(74,219)
Net income						$	5,167					$	241,216					$	47,753					$	265,128

(1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and food and beverage and other venues within the casino locations.

The Company’s assets by reportable segment consisted of the following amounts:

(In thousands)			Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Distributed Gaming						Corporate and Other						Consolidated
Balance at September 30, 2024			$	726,962					$	158,781					$	155,695					$	—					$	60,146					$	1,101,584
Balance at December 31, 2023			$	758,622					$	160,059					$	148,250					$	204,271					$	181,081					$	1,452,283

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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